Question: please answer this question quick Problems (5 Points) At the beginning of 2018, Mckee, Inc. had a balance in the Warranty Payable account of $15,600.

please answer this question quick

Problems (5 Points) At the beginning of 2018, Mckee, Inc. had a balance in the Warranty Payable account of $15,600. During the year McKee sold for $650,000 several products that carried a two-year warranty. McKee estimated that warranty expense would be 3% of sales for the year. 1. Below, prepare the adjusting journal entry for the warrant expense. Debit Credit If McKee's incurred actual warranty cost is $12,500 during 2018, what is the balance in the Warranties Payable account after the adjusting entry is made? Ans

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